Exploring human capital management practices: A comprehensive review
Department of Rural Industries and Management, The Gandhigram Rural Institute-Deemed to be University, Gandhigram-624302, Tamil Nadu, India.
Review Article
World Journal of Advanced Research and Reviews, 2024, 21(03), 2343–2348
Article DOI: 10.30574/wjarr.2024.21.3.0975
Publication history:
Received on 16 February 2024; revised on 25 March 2024; accepted on 27 March 2024
Abstract:
This paper comprehensively reviews Human Capital Management (HCM) practices, focusing on key dimensions such as Training and Development, Performance Appraisal, Recruitment and Selection, and Career Management. The success and survival of an organization depend on the efficient management of human resources in today's fast-paced, cutthroat commercial world. Through an extensive analysis of existing literature and empirical studies, this review identifies the critical role of HCM practices in enhancing employee skills, performance, engagement, and retention. The examination of Training and Development initiatives reveals their significance in fostering employee growth, improving competencies, and ensuring adaptability to changing job requirements. Similarly, Performance Appraisal systems emerge as essential tools for providing feedback, aligning individual goals with organizational objectives, and driving continuous improvement.
Recruitment and Selection processes are highlighted as crucial stages in acquiring and retaining top talent, emphasizing the importance of aligning recruitment strategies with organizational culture and goals. Moreover, Career Management practices are explored in depth, emphasizing their role in promoting employee satisfaction, retention, and professional growth through clear career pathways, mentoring, and skill enhancement opportunities.
Overall, this review underscores the need for organizations to prioritize effective HCM practices as strategic imperatives. By investing in the development, engagement, and retention of human capital, organizations can adapt to market dynamics, foster innovation, and achieve sustainable growth. The findings of this review offer valuable insights for practitioners and scholars alike, informing future research directions and guiding the implementation of HCM strategies in diverse organizational contexts.
Keywords:
Human capital management; Training and Development; Recruitment and Selection; Career Management; Performance Appraisal.
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0